• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 3 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 hour Tesla Launches Faster Third Generation Supercharger
  • 32 mins EU has already lost the Trump vs. EU Trade War
  • 2 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 hour Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours ''Err ... but Trump ...?'' #yawn
  • 1 hour China's Renewables Boom Hits the Wall
  • 22 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 1 day Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 3 hours Crazy Stories From Round The World
  • 1 day Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
Alt Text

Icahn: Occidental Won't Hit Target Without Asset Sale

Activist investor Carl Icahn has…

Alt Text

The No.1 Oil Hotspot For 2020

While the Middle East gets…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Iraq To Comply With OPEC Cuts Despite Lifting Oil Export Capacity

Despite efforts to ramp up its oil export capacity, OPEC’s second-largest producer, Iraq, will comply with the production cuts pact, Iraq’s Oil Minister Jabbar al-Luiebi said at a conference in London on Monday.

In the OPEC/non-OPEC production restriction deal, Iraq agreed to cut 210,000 bpd off its October 2016 level and cap production at 4.351 million bpd.

According to OPEC’s secondary-sources figures—the ones the cartel uses to measure compliance—Iraq has never actually complied 100 percent with its commitment. Iraq’s December 2017 oil production was 4.405 million bpd, up from 4.397 million bpd in November and from 4.388 million bpd in October. The Q4 2017 average production was 4.397 million bpd, slightly above its ceiling, while production in Q2 and Q3 was 4.455 million bpd and 4.482 million bpd, respectively. For the whole of 2017, Iraq’s average production was 4.445 million bpd, according to OPEC’s secondary sources.

In the last quarter of 2017, Iraq’s compliance was boosted by the decreased oil production and exports from the north, after federal government forces seized the oil fields around Kirkuk, which had been under Kurdish control since 2014. The military maneuver knocked some 350,000 bpd of crude oil production offline and led to oil prices spiking on concerns of unstable supply from the region. Related: Are Oilfield Services A Buy?

To compensate for lower exports in the north, Iraq has boosted its exports from the south, and has increased the export capacity of its southern ports to 4.6 million bpd.

Iraq’s total oil export capacity is close to 5 million bpd, al-Luiebi told a Chatham House conference in London today, but noted that “Iraq has made it clear at every time and every event that Iraq will comply with OPEC declarations in good spirit, genuine spirit.”

Baghdad also hopes to more than double its oil production from the Kirkuk fields in the north with the deal that it has recently signed with BP, the oil minister said.

The oil market is improving and is bearing “fruits”, including higher oil prices, the Financial Times quoted al-Luiebi as telling the conference.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play